Customers are deploying all modules of the BIM 360 platform, and I am excited to share that large customers like AECOM, Arcadis, Swinnerton and Layton have already started adopting our new platform, and we look forward to more customers doing the same.

customers are deploying all modules of the bim360 platform and i am excited to share that large customers like aecom arcadis swinerton and leighton have already started adopting our new platform and we look forward to more customers doing the same


additional improvement over and above the performance this quarter will be difficult to achieve. In particular, the decline in Marketplace margins that we expect in the second half will be especially notable in Texas.

additional improvement over and above the performance this quarter will be difficult to achieve in particular the decline in marketplace margins that we expect in the second half will be especially notable in texas


The increasing influence on patient navigation is in the center of that initiative. And patient navigation in the middle of Hesse and in the north of Hesse,

the increasing influence on patient navigation is in the center of that initiative and patient navigation in the middle of hesse and in the north of hesse


which is defined as distributable cash flow divided by distributions declared on the weighted average common and subordinated units outstanding during the quarter, was 0.81x in the fourth quarter.

which is defined as distributable cash flow divided by distributions declared on the weighted average common and subordinated units outstanding during the quarter was 0 81x in the fourth quarter


and we will be using the same strategy of refinancing for upcoming operations as well. Now I'll remind you that in the real estate line in the consolidated statements, you have 2 compartments. The first one is carried out with the financial

and we will be using the same strategy of refinancing for upcoming operations as well may i remind you that in the real estate line in the consolidated statements you have 2 compartments the first one is carried out with the financial


The growth in this category was driven primarily by adding more accounts and more spend. Our toll business had another great quarter, up 17% organically. The growth in this category was driven primarily by a combination of more new sales,

the growth in this category was driven primarily by adding more accounts and more spend our toll business had another great quarter up 17% organically the growth in this category was driven primarily by a combination of more new sales


when compared to others. And I believe that the entire market will benefit from this benefit. And this is good for the entire market. It's good to all consumers. And I honestly hope that all

when compared to others and i believe that the entire market will benefit from this benefit and this is good for the entire market it's good to all consumers and i honestly hope that all


of 2017. We can talk about that later, but we clearly had an issue there in the first half of '17. It recovered in the second half of 2017, and we expect that will continue to be a big portion of our business.

of 2017 we'll talk about that later but we clearly had an issue there in the first half of '17 it recovered in the second half of 2017 and we expect that will continue to be a big portion of our business


It is clear that Mueller has been able to access market segments that were previously denied to it by leveraging the Trimble presence. On the other side, Trimble has achieved greater access to agricultural OEMs through the historical Mueller network.

it is clear that mueller has been able to access market segments that were previously denied to it by leveraging the trimble presence on the other side trimble has achieved greater access to agricultural oems through the historical mueller network


These strategies are coming to life through exciting, innovative products like those we've recently launched. All in all, this quarter, we launched a total of 58 products in 51 countries as well as a few in the past couple of weeks that I want to share with you now.

these strategies are coming to life through exciting innovative products like those we've recently launched all in all this quarter we launched a total of 58 products in 51 countries as well as a few in the past couple of weeks that i want to share with you now


what's going on in the data center space relative to the cloud space. Because when you think about what we simply do, all we are doing is building these digital factories that help these cloud companies grow. And we're in the business of building digital factories, and

what's going on in the data center space relative to the cloud space because when you think about what we simply do all we are doing is building these digital factories that help these cloud companies grow and we're in the business of building digital factories and


I'll begin my remarks today with an overview of the key highlights from this past quarter, including an update on our Marlin 2.0 initiative that I outlined on our call last quarter, which is aimed to taking Marlin to its next level of growth and profitability.

i'll begin my remarks today with an overview of the key highlights from this past quarter including an update on our marlin 2 0 initiative that i outlined on our call last quarter which is aimed at taking marlin to its next level of growth and profitability


and harvest new loans out of the market, competition is very tough on both fronts. When you talk about credit quality, we continue to not see any -- we haven't seen a one-off here, we haven't seen any signs in any

and harvest new loans out of the market competition is very tough on both fronts when you talk about credit quality we continue to not see any -- we haven't seen a one-off here we haven't seen any signs in any


And while we are very clear that the visibility that one has on the rural viewership should be monetized, and that should be a win-win for advertisers and broadcasters both, I think the exact

and while we are very clear that the visibility that one has on the rural viewership should be monetized and that should be a win-win for advertisers and broadcasters both i think the exact


Anyway, that's just a few comments on the quarter, quick highlights as we run through them. We've got all the management team here, so I thought maybe we'd hit them up for some more color before we jump into questions from callers.

anyway that's just a few comments on the quarter quick highlights as we run through them we've got all the management team here so i thought maybe we'd hit them up for some more color before we jump into questions from callers


In accordance with our conditional approval from the European Commission, we are also preparing for the successful divestiture of certain assets of our Crop Protection business to FMC after the closing of the merger with Dow.

now in accordance with our conditional approval from the european commission we are also preparing for the successful divestiture of certain assets of our crop protection business to fmc after the closing of the merger with dow


For our strand siding portfolio, that would be a major opportunity for us to put incremental volume into that business. We are in the testing phase of that product now. And so with that, we have all hands on deck on developing

for a strand-siting portfolio that would be a major opportunity for us to put incremental volume into that business we are in the testing phase of that product now and so -- but that -- we have all hands on deck on developing


for it to stop being dynamic, i.e, at what point do you think, okay, we can draw a line under this, it's not going to increase anymore? Or is there a risk that as we get through '18 or '19, you say, well, actually '20 is a bit worse?

for it to stop being dynamic i e at what point do you think okay we can draw a line under this it's not going to increase any more or is there a risk that as we get through '18 or '19 you say well actually '20 is a bit worse


We have more than adequate liquidity to fund lending opportunities while maintaining a slightly asset sensitive balance sheet. And we are increasing our efforts to improve the investment portfolio yield in order to increase the margin in earnings.

we have more than adequate liquidity to fund lending opportunities while maintaining a slightly asset-sensitive balance sheet we are increasing our efforts to improve the investment portfolio yield in order to increase the margin and earnings


They are work we do well -- we're performing well. And even in those large communications clients that are temporarily going through some volatility, we're multiple programs top stacked ranked in their performance queues.

they are work we do well we're performing well and even in those large communications clients that are temporarily going through some volatility we're multiple programs top stack ranked in their performance queues


And in an improving economy, that can have a much more positive impact in our business. And that's why, Mark, we're very excited about adding this element to our management team.

and in an improving economy that can have a much more positive impact in our business and that's why mark we're very excited about adding this element to our management team


Please see Page 19. Lastly, I will discuss ESG and provide a summary of this strategy. We believe that it is the responsibility of global companies to create both social value and economic value.

please see page 19 lastly i will discuss esg and provide a summary of this strategy we believe that it is the responsibility of global companies to create both social value and economic value


particularly in our traditional 40 Act business. We are also redoubling our investments in the faster growing segments and areas of strategic focus, including exchange traded funds, private equity and alternative investment businesses.

particularly in our traditional 40 act business we are also redoubling our investments in the faster growing segments and areas of strategic focus including exchange-traded funds private equity and alternative investment businesses


is to make sure that we're continuing to make the investments necessary to stage our business for the long term as these emerging markets recover. And so it's a constant monitoring of how we're performing, but we think we're getting the right balance here,

is to make sure that we're continuing to make the investments necessary to stage our business for the long term as these emerging markets recover and so it's a constant monitoring of how we're performing but we think we're getting the right balance here


Yes. I think we take great pride on being strong stewards of this firm's capital. I think we have done a very effective job, trying to balance the amount of dollar reinvestment into the business

yes i think we take great pride on being strong stewards of this firm's capital i think we have done a very effective job trying to balance the amount of dollar reinvestment into the business


are also expected to increase significantly, partly as a result of the factors that I discussed earlier and partly because of seasonally higher corporate costs in the first quarter due to health and fringe-related costs.

are also expected to increase significantly partly as a result of the factors that i discussed earlier and partly because of seasonally higher corporate costs in the first quarter due to health and fringe-related costs


is that merchants are not choosing one platform to sell in. They are choosing many to sell in, and then PayPal becomes the aggregation point for them to connect to each of those platforms. And so like with One Touch seller sign-up, as they're discovering more and more new platforms out there, one of the most difficult things

is that merchants are not choosing one platform to sell in they are choosing many to sell in and then paypal becomes the aggregation point for them to connect to each of those platforms and so like with onetouch seller sign-up as they're discovering more and more new platforms out there one of the most difficult things


And perhaps you could elaborate a little bit on what impressive margin execution in Lighting meant in terms of year-over-year improvement or sequential improvement or kind of how you're run rating in that business?

and perhaps you could elaborate a little bit on what impressive margin execution in lighting meant in terms of year-over-year improvement or sequential improvement or kind of how you're run-rating in that business


At this point, March activity also looks to be trending similarly to the strong start for the year. So early indications for 2017 are positive, but much of the quarter's performance will be driven by what we see in the next 31 days.

at this point march activity also looks to be trending similarly to the strong start to the year so early indications for 2017 are positive but much of the quarter's performance will be driven by what we see in the next 31 days


As we highlighted last quarter, a second key contributor to our strong flow results is the broad range of high-performing strategies we offer in investment areas having particular appeal during periods of rising interest rates such as we are now experiencing.

as we highlighted last quarter a second key contributor to our strong flow results is the broad range of high-performing strategies we offer in investment areas having particular appeal during periods of rising interest rates such as we are now experiencing


We have already completed 4 of these steps, and we continue to work on changing the culture of Air Products by focusing on safety, simplicity, speed and self-confidence.

we have already completed 4 of these steps and we continue to work on changing the culture of air products by focusing on safety simplicity speed and self-confidence


These results were achieved through a combination of continued focus on delivering highly valued services to our clients and persistent scrutiny of our cost structure in response to the changing dynamics in the industries in which we operate.

these results were achieved through a combination of continued focus on delivering highly valued services to our clients and persistent scrutiny of our cost structure in response to the changing dynamics in the industries in which we operate


Overall, we remain highly confident in our strategic plan and our ability to deliver solid execution for our customers and create value for investors. We remain focused on growing our business through organic initiatives and targeted acquisitions,

overall we remain highly confident in our strategic plan and our ability to deliver solid execution for our customers and create value for investors we remain focused on growing our business through organic initiatives and targeted acquisitions


and this is on initial pricing by the engine manufacturers and by the cooling plants and a number of other items that one would consider in this conversion


This decrease in the seasonal loss was largely due to colder weather across our service territory, which resulted in 19% higher natural gas retail volumes across all service territories

this decrease in the seasonal loss was largely due to colder weather across our service territory which resulted in 19% higher natural gas retail volumes across all service territories


And finally, regulatory capital ratios all exceed the levels required to be considered well capitalized and the tangible common equity ratio increased from 7.39% and at the end of the first quarter to 7.76% as of the end of the second quarter.

and finally regulatory capital ratios all exceed the levels required to be considered well capitalized and the tangible common equity ratio increased from 739 at the end of the first quarter to 776 as of the end of the second quarter


Apart from... There is nothing that is materially something that we need to talk about today. Like I said, we would continue to receive many of these opportunities to evaluate. And our internal bias is always to build.

there is nothing that is materially something that we need to talk about today like i said we would continue to receive many of these opportunities and evaluate and our internal bias is always to build


The related profit impact is reflected in the full year outlook that Mark will discuss in a few moments. We believe these actions are necessary to protect our competitive positioning in the near term.

the related profit impact is reflected in the full year outlook that mark will discuss in a few moments we believe these actions are necessary to protect our competitive positioning in the near term


extremely excited about the progress we've made as it relates to understanding the Alent business, and then integrating the management team. Other than the senior executives at Alent, we have pretty much retained most of the senior management

extremely excited about the progress we've made as it relates to understanding the alent business and then integrating the management team other than the senior executives at alent we have pretty much retained most of the senior management


were shut down, and they are not reopening, at least not for now. We are not anticipating any further opening of stores or any significant opening of stores.

were shut down and they are not reopening at least not for now we are not anticipating any further opening of stores or any significant opening of stores


We've improved our internal capabilities through dedicated program management teams and have added to our internal actuarial and claims resources. We have targeted unprofitable programs for corrective action or termination. We have now instituted stricter underwriting policies.

we've improved our internal capabilities through dedicated program management teams and have added to our internal actuarial and claims resources we have targeted unprofitable programs for corrective action or termination we have now instituted stricter underwriting policies


Doctors want this data, and we want and need more doctors to qualify as being among our best care providers. We find the better doctors, whom we refer to as premium designated physicians,

doctors want this data and we want and need more doctors to qualify as being among our best care providers we find the better doctors whom we refer to as premium designated physicians


deliver to prototype in what is an irregular box. And it's not the typical ground-up scenario. We've done a number of these, so we've been able to keep some cost efficiencies in line in working with our retail partners on the operations side.

deliver to prototype in what is in a regular box and it's not the typical ground-up scenario we've done a number of these so we've been able to keep some cost efficiencies in line and working with our retail partners on the operation side


Going forward, of course, it is very important for us to be able to make sure that we will be able to generate growth in the service business just to make sure that we will be able to continue the profitability improvement in the future as well.

going forward of course it is very very important for us to be able to make sure that we will be able to generate growth in the service business just to make sure that we will be able to continue the profitability improvement in the future as well


I am especially pleased to welcome you to this call as the CEO of Biogen. Before I turn to the details of the quarter, I would like to share some initial thoughts on how Biogen is positioned today, and where we see the company progressing.

i am especially pleased to welcome you to this call as the ceo of biogen before i turn to the details of the quarter i would like to share some initial thoughts on how biogen is positioned today and where we see the company progressing


Similarly, it's difficult to articulate the disappointment that we didn't extend that further into the second half after a series of seismic events in South Africa ended that run in the last 6 months of the year.

similarly it's difficult to articulate the disappointment that we didn't extend that further into the second half after a series of seismic events in south africa ended that run in the last 6 months of the year


Even with our record sales performance in 2017, 2017 was admittedly a difficult year for Engineered Materials and the industry as a whole as we were challenged with raw material pricing pressures.

even with our record sales performance in 2017 2017 was admittedly a difficult year for engineered materials and the industry as a whole as we were challenged with raw material pricing pressures


The most fundamental challenge many of our clients face in addressing this leakage is the complexity and sheer volume of data that must be aggregated, harmonized and interpreted to feed advanced analytics and visibility tools.

the most fundamental challenge many of our clients face in addressing this leakage is the complexity and sheer volume of data that must be aggregated harmonized and interpreted to feed advanced analytics and visibility tools


We also experienced a much higher level of closings in the second half of last year, which will start to hit revenue in the middle to end of this year and cause health plan revenue to, again, be heavily back end-loaded.

we also experienced a much higher level of closings in the second half of last year which will start to hit revenue in the middle to end of this year and cause health plan revenue to again be heavily back-end loaded


A-C-A-M. And we've actually been very positive on that now being in place and allowing that portion of the market to go forward and not have uncertainty so they can invest. So we see both of those proceeding at pace.

acam and we've actually been very positive on that now being in place and allowing that portion of the market to go forward and not have uncertainty so they can invest so we see both of those proceeding at pace


if the same set of events happened again this year, another way to think about it other than just absolute dollars is loss ratio points for the year. And we're talking about 5 or 6 points

if the same set of events happened again this year another way to think about it other than just absolute dollars is loss ratio points for the year and we're talking about 5 or 6 points


I'm very excited about being -- taking up the leadership role at Dominican Republic, and I look forward to working with the government community and the employees to deliver increased value for our owners and also the stakeholders within the Dominican Republic.

i'm very excited about being -- taking up the leadership role at the dominican republic and i look forward to working with the government community and the employees to deliver increased value for our owners and also all our other stakeholders within the dominican republic


the second quarter financials that are part of that S-1 will become stale. So we'll need to amend our S-1 for our third quarter financials, which you see before you today.

the second quarter financials that are part of that s-1 will become stale so we'll need to amend our s-1 for our third quarter financials which you see before you today


Not much. No. There's nothing new about that idea or chatter associated with it. A lot of times what I think you see there is that players are looking to work together in the industry, but it's more focused on analytics.

not much no i mean there's nothing new about that idea or chatter associated with it a lot of times what i think you see there is that players are looking to work together in the industry but it's more focused on analytics


Secondly, our focus on key cities. Our 6 key cities in the world continue to set a pace and influence for the rest of the world on how fashion and sports trends are being created and also being rolled out.

secondly our focus on key cities our 6 key cities in the world continue to set a pace and an influence for the rest of the world on how fashion and sports trends are being created and also being rolled out


more recently, the payments have of been directly aligned with entitlements established through applicable PSCs. The regularity and increased transparency of these payments provide us with the increased confidence that payments will be more predictable.

and more recently the payments have been directly aligned with entitlements established through applicable pscs the regularity and increased transparency of these payments provide us with the increased confidence that payments will be more predictable


the marketing of existing products? Question number three is about resource allocation. In China, some products are national products. Some others are regional products. How do you allocate your marketing expenses?

the marketing of existing products question number three is about resource allocation in china some products are national products some others are regional products how do you allocate your marketing expenses


is that every time we add now a new hub, the opportunity for the number of connections that each of those suppliers has increases. So in fact, we're beginning to see very substantial scaling efficiencies inside the business.

is that every time we add now a new hub the opportunity for the number of connections that each of those suppliers has increases so in fact we're beginning to see very substantial scaling efficiencies inside the business


The second aspect I'd like to highlight on Slide 21, is the tremendous team of entrepreneurs that brings the utmost passion for patients and for our mission to bring great new medicines to people living with rare diseases.

the second aspect i'd like to highlight on slide 21 is the tremendous team of entrepreneurs that brings the utmost passion for patients and for our mission to bring great new medicines to people living with rare diseases


Importantly, the unit has performed well through the downturn and offer significant optionality to recovery in the offshore, which would be enhanced by tightness in construction vessel availability and further enhanced by continued advancement in subsea pumping and fluid separation.

importantly the unit has performed well through the downturn and offers significant optionality to a recovery in the offshore which would be enhanced by tightness in construction vessel availability and further enhanced by continued advancements in subsea pumping and fluid separation


Of course, our top line is dependent on customer timing and the complex revenue recognition rules we are subject to. My executive team and I as well, as our global sales team continue to be focused on profitable top line growth.

of course our top line is dependent on customer timing and the complex revenue recognition rules that we are subject to my executive team and i as well as our global sales team continue to be focused on profitable top line growth


And a very significant amount of our unbilled total, as I've said previously and as we reviewed in-house, comes due, to put it bluntly or I don't know how else to define it, in the next 12 months.

and a very significant amount of our unbilled total as i've said previously and as we reviewed in-house comes due to put it bluntly or i don't know how else to define it in the next 12 months


the additional millions of dollars and the opportunity cost associated with taking PCKS9 through to clinical data. I would consider that an external factor and not an internal factor, and that has been what has led us to

the additional millions of dollars and the opportunity cost associated with taking pcsk9 through to clinical data i would consider that an external factor and not an internal factor and that has been what has led us to


to our customers for the possible future. Regardless of the outcome of the upcoming spectrum auction, our network is and will continue to be the foundation of a market-leading revenue growth.

to our customers for the possible future regardless of the outcome of the upcoming spectrum auction our network is and will continue to be the foundation of a market-leading revenue growth


Our acquisition of EagleDream is another step in the right direction and our laser focus on client satisfaction over the last 2 years has positively impacted our maintenance attrition, which now has come down to just over 6% on a trailing 12-month basis.

our acquisition of eagle dream is another step in the right direction and our laser focus on client satisfaction over the last 2 years has positively impacted our maintenance attrition which now has come down to just over 6% on a trailing 12-month basis


Consistent with what we articulated over the last few quarters, we remain confident in our belief that adjusted EBITDA should increase with each successive quarter throughout the year, which results in an upward slope throughout the year.

consistent with what we articulated over the last few quarters we remain confident in our belief that adjusted ebitda should increase with each successive quarter throughout the year which results in an upward slope throughout the year


The tax rate for the first quarter of 2017 reflects the offsetting effect of the valuation allowance established against our deferred tax assets in the fourth quarter of fiscal 2016. Due to this offsetting impact,

the tax rate for the first quarter of 2017 reflects the offsetting effect of the valuation allowance established against our deferred tax assets in the fourth quarter of fiscal 2016 due to this offsetting impact


However, our guidance does not include any new contract awards beyond those previously announced as we don't expect any Federal awards for the remainder of this calendar year and because the timing of state government actions on new contracts is always also difficult to predict.

however our guidance does not include any new contract awards beyond those previously announced as we don't expect any federal awards for the remainder of this calendar year and because the timing of state government actions on new contracts is always also difficult to predict


Yes, that's a great question. And it would be on the former of that you mentioned. We believe that we're a hospital company that today's platform is built off of our sublingual sufentanil tablets. It just so happens we've got 2 products built off of that fundamental

that's a great question and it would be on the former that you mentioned we believe that we're a hospital company that today's platform is built off of our sublingual subcutaneous tablets it just so happens we've got 2 products built off of that fundamental


and we want to do that in the right way. And we think a disciplined approach to acquisitions is a part of that. So not able to give you a timing answer this morning, but

and we want to do that in the right way and we think a disciplined approach to acquisitions is a part of that so not able to give you a timing answer this morning but


tend to do very well online as consumers go out and look for those trusted brands and find them online. So that's probably -- the one big difference is that we seem to have better opportunities with that smaller tail brand -- group of tail brands that we have.

tend to do very well online as consumers go out and look for those trusted brands and find them online so that's probably the one big difference is that we seem to have better opportunities with that smaller tail brand -- group of tail brands that we have


visibility and optimism about the runway of growth opportunities that will come from this -- the introduction of all of our categories into what can be white space -- what is white space for us in a number of markets.


through their mobile platform within 1 hour of ordering. The limited launch of the product has -- of this product has exceeded our expectations, and we are already looking forward to expanding the program from beyond Edmonton into new markets.

through their mobile platform within 1 hour of ordering the limited launch of the product has -- of this product has exceeded our expectations and we are already looking forward to expanding the program from beyond edmonton into new markets


it costs more during winter months with the ground. But also, because of traffic conditions and snow and all of that, typically, utilities don't ask for as much work

it costs more during winter months with the ground but also because of traffic conditions and snow and all of that typically utilities don't ask for as much work


referred to as new lot 1. Subsequently reducing the shared ownership common title to a small slither between the new master lot 1 owned by Reading and the existing lot 6 owned by Charter Hall.

referred to as new lot 1 subsequently reducing the shared ownership common title to a small sliver between the new master lot 1 owned by reading and the existing lot 6 owned by charter hall


what you think is a reasonable expectation or target in these markets going forward, I hate -- I don't mean to pin you to an exact number, but just generally speaking, what do you think is doable in terms of reducing the leverage ratio over, let's say, the next 12 to 18 months?

what you think is a reasonable expectation or target in these markets going forward i hate -- i don't mean to pin you to an exact number but just generally speaking what do you think is doable in terms of reducing the leverage ratio over let's say the next 12 to 18 months


debt service obligations and capital expenditure requirements into the fourth quarter of 2018. This is, of course, subject to a number of assumptions about our clinical development programs and other aspects of our business.

death service obligations and capital expenditure requirements into the fourth quarter of 2018 this is of course subject to a number of assumptions about our clinical development programs and other aspects of our business


I believe our third quarter results are a reflection of exactly what we are trying to do in building the new Canadian Tire, the new Triangle and at the same time, we turned into some pretty good results, which Allan and Dean will comment further on in a few minutes.

i believe our third quarter results are a reflection of exactly what we are trying to do in building the new canadian tire the new triangle and at the same time we turned in some pretty good results which alan and dean will comment further on in a few minutes


to the FDA on March 13, slightly ahead of plan, putting us one step closer to final approval of new commercial production and resupply. We're continuing to work with our team and very experienced consultants,

to the fda on march 13 slightly ahead of plan putting us one step closer to final approval of new commercial production and resupply we're continuing to work with our team and very experienced consultants


going back to the way you framed your question, yes, it should provide me a little bit more freedom to spend time looking at how we reinvigorate the growth opportunities for the business, so that can include

going back to the way you framed your question yes it should provide me a little bit more freedom to spend time looking at how we reinvigorate the growth opportunities for the business so that can include


over the many years we've been referred to as a mini New York community bank, today I think we look at Signature Bank as our aspirational business model here. It's a relationship model. They do operate in the same segment of the lending business in New York City.

over the many years we've been referred to as a mini new york community bank today i think we look at signature bank as our aspirational business model here it's a relationship model they do operate in the same segment of the lending business in new york city


We continue to identify opportunities to streamline our RMS operations, particularly through the automation of manual processes and implementation of systems to improve data availability and accuracy.

we continue to identify opportunities to streamline our rms operations particularly through the automation of manual processes and implementation of systems to improve data availability and accuracy


But as Mike pointed out, there's a lot of small titles that need support that maybe aren't getting it, and that's where we're trying to step in. Tony, I don't know if you want to talk about sort of new software trends? Look, we have seen a reduction in new software trends. We've kind of hit -- it feels like we've hit a point where we have a

but as mike pointed out there's a lot of small titles that need support that maybe aren't getting it and that's where we're trying to step in tony i don't know if you want to talk about sort of new software trends we have seen a reduction in new software trends we've kind of hit -- it feels like we've hit a point where we have a


And that customer that has now exited stage left was an inhibitor of us really being able to service the network we were focused -- or On Time was focused more on servicing that particular customer. So

and that customer that has now exited stage left was an inhibitor of us really being able to service the network we were focused or on time was focused more on servicing that particular customer so


for the purposes of the Private Securities Litigation Reform Act of 1995. AbbVie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statement.

for purposes of the private securities litigation reform act of 1995 abbvie cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements


our assets are competitive because of impairments we recorded in the year ended March 2016. Of course, we have to deeply reflect on the reasons for these impairments, which, unfortunately, led to an overall loss for the company.

our assets are competitive because of impairments we recorded in the year ended march 2016 of course we have to deeply reflect on the reasons for these impairments which unfortunately led to an overall loss for the company


of our disciplined hedging and liquidity management, both in preserving book value and enabling us to take advantage of buying opportunities during market dislocations. We have been strategically growing our portfolio and utilizing a bit more leverage to drive earnings growth and set us up for the future.

of our disciplined hedging and liquidity management both in preserving book value and enabling us to take advantage of buying opportunities during market dislocations we have been strategically growing our portfolio and utilizing a bit more leverage to drive earnings growth and set us up for the future


In driving customer acquisition with products, our focus is to make our exclusive innovations more accessible. I'm confident that positioning our new products optimally will accelerate the pace of customer acquisitions.

in driving customer acquisition with products our focus is to make our exclusive innovations more accessible i am confident that positioning our new products optimally will accelerate the pace of customer acquisition


Thank you for attending today's presentation. You may now disconnect.

thank you for attending today's presentation you may now disconnect


During the call, the administration can make any declaration regarding the future with the objective of helping to understand the performance objectives. These declarations are subject to change, risks and uncertainties of the company,

during the call the administration can make any declaration regarding the future with the objective of helping to understand the performance objectives these declarations are subject to change risks and uncertainties of the company


had a reverse back to the first quarter of fiscal 2016 from the fourth quarter of fiscal 2015. In addition, the reduction of shipments in the pre-fall line collection is expected to impact our second quarter sales,

having reversed back to the first quarter of fiscal 2016 from the fourth quarter of fiscal 2015 in addition the reduction of shipments in the pre-fall line collection is expected to impact our second quarter sales


we are well positioned to accelerate our organic growth in the second half of the year. Now I'll turn the call over to Glenn to provide a more detailed review of our second quarter financial results. Glenn? Thanks, Pete, and good morning, everyone.

we are well positioned to accelerate our organic growth in the second half of the year now i'll turn the call over to glenn to provide a more detailed review of our second quarter financial results glenn thanks pean good morning everyone


for the first quarter of fiscal 2019. On Slide 10, you will see the progress we have made in our expense structure and corresponding improvement in our absorption rate over the same period.

for the first quarter of fiscal 2019 on slide 10 you will see the progress we have made in our expense structure and corresponding improvement in our absorption rate over the same period


Gary and I are extremely pleased with the performance of the entire Surmodics team in our fiscal third quarter. Thank you for your hard work and outstanding results. Operator, this concludes our prepared remarks. We would now like to open the call to questions.

gary and i are extremely pleased with the performance of the entire ceramix team in our fiscal third quarter thank you for your hard work and outstanding results operator this concludes our prepared remarks we would now like to open the call to questions


And hence, it was important for us that we actually take the next step forward into bringing those details out to all of you, so that you can start to track this and build a model as the new normal going forward.

and hence it was important for us that we actually take the next step forward into bringing those details out to all of you so that you can start to track this and build a model as the new normal going forward


Should we expect additional delays just because of capacity constraints? Or is the state and our contractors and yourself able to adequately even meet that demand in future years? I think,

should we expect additional delays just because of capacity constraints or is the state and our contractors and yourself able to adequately even meet that demand in future years thank you very much


I do think if we step back a little bit, Trey, and Tom, you might -- I know you're talking to customers about this all the time. But if we looked at a year ago, our customers were pretty reluctant to make investments ahead of the election and things we've talked about back then.

i do think if we step back a little bit trey and tom you might -- i know you're talking to customers about this all the time but if we looked at a year ago our customers were pretty reluctant to make investments ahead of the election and things we talked about back then


The second component of our success is teaming with the right partners. We have customers that are experts in the areas where they operate, are diversified and are financially strong such that they can manage and maintain activities throughout cycles.

the second component of our success is teaming with the right partners we have customers that are experts in the areas where they operate are diversified and are financially strong such that they can manage and maintain activities throughout cycles


and other customers for additional orders that would provide visibility into 2020. In the year ahead, we're very focused on execution to drive sustainable long-term growth and improvement in our operating results.

and other customers for additional orders that would provide visibility into 2020 in the year ahead we're very focused on execution to drive sustainable long-term growth and improvement in our operating results


As noted in our earnings release, the RASM pressure from the transition to our new reservation system is temporary and these items are relatively minor considering the significance of the technology efforts.

as noted in our earnings release the rasmussen pressure from the transition to our new reservation system is temporary and these items are relatively minor considering the significance of the technology effort


And that's for a number of reasons previously discussed, but also as we study the rule, many of the additional expenses that would be created and borne by the company, are created by compliance with that best interest contract exemption.

and that's for a number of reasons previously discussed but also as we study the rule many of the additional expenses that would be created and borne by the company are created by compliance with that best interest contract exemption


globally, that will take us to 2020. There are a series of other important project and initiative that we need to carry through to continue developing the firm and continuing growing the firm successfully.

globally that will take us to 2020 there are a series of other important project and initiative that we need to carry through to continue developing the firm and continuing growing the firm successfully


And we are not, and I'll repeat that again, not currently involved in any sales process for a refinery. Rumors and speculation will always be with us, but what I would say is simply judge us by our record.

and we are not and i'll repeat that again not currently involved in any sales process for a refinery rumors and speculation will always be with us but what i would say is simply judge us by our record


As I noted in my opening remarks, we'll continue to proactively increase prices to address the margin squeeze precipitated by the steep increase in freight and contained metal costs, even if we forgo some volume in the short term.

as i noted in my opening remarks we'll continue to proactively increase prices to address the margin squeeze precipitated by the steep increase in freight and contain metal costs even if we forego some volume in the short term


the first kitchen that we are building is in -- just outside of Shanghai, and that kitchen is in the process of being constructed now. As I mentioned at the full year results 6 months ago,

the first kitchen that we are building is in -- just outside of shanghai and that kitchen is in the process of being constructed now as i mentioned at the full year results 6 months ago


I don't expect it to be linear. I think it'll be lumpy because 3 months is too short a period of time. But I think that the trend is directionally correct over the next 4 or 5 quarters.

i don't expect it to be linear i think it'll be lumpy because 3 months is too short a period of time but i think that the trend is directionally correct over the next 4 or 5 quarters


either needs to be demolished or relocated. We are in the efforts of reducing the capital expenditure required. We will be relocating some offices, but we do need to demolish and rebuild our workshop, which cannot be relocated.

either needs to be demolished or relocated we are in the effort of reducing the capital expenditure required we will be relocating some offices but we do need to demolish and rebuild our workshop which cannot be relocated


In order to maximize that individual customer's value, we see an opportunity to further differentiate our value proposition in the next few years by commercializing our online banking prototype we've built of a highly flexible front-end online banking platform,

in order to maximize that individual customer's value we see an opportunity to further differentiate our value proposition in the next few years by commercializing our online banking prototype we have built of a highly flexible front-end online banking platform


We continue to have placement for this product line and good sales results in the largest U.S. retail chain as well as in other chains and online retailers, and we are pursuing additional chains to our placement to the line.

we continue to have placement for this product line and good sales results in the largest u s retail chain as well as in other chains and online retailers and we are pursuing additional chain store placement for the line


We remain in an environment of high valuations and now increased volatility. As I stated last quarter, volatility ought to remind investors to not become complacent, especially as asset prices remain high relative to history.

we remain in an environment of high valuations and now increased volatility as i stated last quarter volatility ought to remind investors to not become complacent especially as asset prices remain high relative to history


By having a dedicated business travel sales manager, the property was able to increase corporate preferred room nights. The Renaissance Nashville and adjoining redevelopment saw demolition of the Nashville Convention Center commenced in June.

by having a dedicated business travel sales manager the property was able to increase corporate preferred room nights the renaissance nashville in a joint redevelopment saw demolition of the nashville convention center commence in june


that we thought were complementary to what we had might be inventive and new in a passive construct and maybe even edge toward a factor tilt and away from the most undifferentiated products. And so

that we thought were complementary to what we had might be inventive and new in a passive construct and maybe even edge toward a factor tilt and away from the most undifferentiated products and so


And what we've identified, of the cost savings that we've been able to achieve and that we plan to achieve for the full year which relate to our adjusted CapEx guidance, and specifically relating to sustaining CapEx, just over half of that

and what we've identified of the cost savings that we've been able to achieve and that we plan to achieve for the full year which relate to our adjusted capex guidance and specifically relating to sustaining capex just over half of that


I think what we have found over a multiyear period here is that we often come across great ideas that neither provide the liquidity nor the time horizon that allow for us to be able to make it much of an investment in some of the larger pooled assets that we run.

i think what we have found over a multiyear period here is that we often come across great ideas that neither provide the liquidity nor the time horizon that allow for us to be able to make it much of an investment in some of the larger pooled assets that we run


so it does take time to bring a lot of those deals to contract closure and execution. And then the second investment is in the middle enterprise market where we've reoriented our sales coverage as I just talked about

so it does take time to bring a lot of those deals to contract closure and execution and then the second investment is in the middle enterprise market where we reoriented our sales coverage as i just talked about


and we know that there's a significant demand. And this -- you'll see where I'm going with this in a minute, Tazeen. But first of all is we know that the patients are very much interested and want to participate, so we want to make it available as soon as we can.

and we know that there's a significant demand and this -- you'll see where i'm going with this in a minute tazine but first of all is we know that the patients are very much interested and want to participate so we want to make it available as soon as we can


However, a turning point will not put things in a totally different direction. A turning point may accelerate things, but it will not change something from black to white overnight.

however a turning point will not put things in a totally different direction a turning point may accelerate things but it will not change something from black to white overnight


And that's what we want to address at a Capital Markets Day, which will be organized on May 7. That is also the day in which we will announce our Q1 figures of 2019, and it will be combined with the Capital Markets Day.

and that's what we want to address at a capital market day which will be organized on may 7 that is also the day in which we will announce our q1 figures of 2019 and it will be combined with the capital market day


As mentioned before, given some of the activity in the segment is service-related as well as the resell of purchased goods, we would not expect the margin to be equal to our other businesses. But it is fair to say there's certainly opportunity for improvement.

as mentioned before given some of the activity in this segment is service related as well as the resell of purchased goods we would not expect the margin to be equal to our other businesses but it is fair to say there's certainly opportunity for improvement


Demand, above all, for human resources and subcontractor services also intensified in the markets of Central and Eastern Europe so that the margins, starting from an unusually strong level, approached the group average.

demand above all for human resources and subcontractor services also intensified in the markets of central and eastern europe so that the margins starting from an unusually strong level approach the group average


with no major tranches of debt coming due until 2020. When we think about leveraging economies of scale and experience as a company, we have spent the last 5 years developing the necessary assets around our software,

with no major tranches of debt coming due until 2020 when we think about leveraging economies of scale and experience as a company we have spent the last 5 years developing the necessary assets around our software


We believe in the medium and long term, the market will value our common equity appropriately and we believe the market will value our particular structure, that is a simplified, large-cap C-Corp with a substantial and growing dividend also appropriately.

we believe in the medium and long term the market will value our common equity appropriately and we believe the market will value our particular structure that is a simplified large-cap c corp with a substantial and growing dividend also appropriately


We expect inflationary pressure on carrier rates to continue due to tightening capacity caused by the mandatory adoption of electronic logging devices, or ELDs, and driver shortages in the face of stronger economic conditions.

we expect inflationary pressure on carrier rates to continue due to tightening capacity caused by the mandatory adoption of electronic logging devices or elds and driver shortages in the face of stronger economic conditions


Okay. So in terms of the international projects that you have, what is the sort of time line of these projects that you have in the backlog right now? Is it over in the next couple of quarters? Or is it over the next couple of years? Or.

okay so in terms of the international projects that you have what is the sort of time line of these projects that you have in the backlog right now is it over the next couple of quarters or is it over the next couple of years or


We are now looking at customer acquisition costs based solely on new annual recurring revenue versus based on total sales. And this has highlighted additional opportunities for us to save in this area.

we are now looking at customer acquisition costs based solely on new annual recurring revenue versus based on total sales and this has highlighted additional opportunities for us to save in this area


I am tremendously grateful to Tim for all he has helped us achieve, and it is my pleasure now turn the call over to him to provide additional details about our performance and financial outlook. With that, I will turn over to Tim.

i am tremendously grateful to tim for all he has helped us achieve and it is my pleasure now to turn the call over to him to provide additional details about our performance and financial outlook with that i will turn it over to tim


Top line performance was driven by solid execution and good market dynamics that we expect to continue. From a portfolio mix perspective, we continue to drive good growth in our value offerings and our core volume business continues to grow better than expected.

top line performance was driven by solid execution and good market dynamics that we expect to continue from a portfolio mix perspective we continue to drive good growth in our value offerings and our core volume business continues to grow better than expected


We are building a very robust acquisition pipeline, and by the end of this year, we hope to acquire more of these type of properties. And next year, we will provide guidance to the market on how many CoreCivic properties we look to acquire each quarter.

we are building a very robust acquisition pipeline and by the end of this year we hope to have acquired more of these type of properties and next year we will provide guidance to the market on how many corsec properties we look to acquire each quarter


Earnings for each quarter of this fiscal year represent record highs for operating income and EBITDA. Please turn to Page 31. This slide shows an overview of our consolidated income statements.

earnings for each quarter of this fiscal year represent record highs for operating income and ebitda please turn to page 31 this slide shows an overview of our consolidated income statements


In April, we were notified by Amazon of their intent to shift our scope of services over the next year. The shift is to assist them with their highest-growth segment of their delivery system as they ramp up more local delivery systems over the next 2 years.

in april we were notified by amazon of their intent to shift our scope of services over the next year this shift is to assist them with their highest growth segment of their delivery system as they ramp up more local delivery systems over the next few years


As Irene mentioned, we're moving with a sense of urgency to address the issues we've identified and feel confident this business will return to growth. We continue to expect to see improved results in the back half of the year.

as irene mentioned we're moving with a sense of urgency to address the issues we've identified and feel confident this business will return to growth we continue to expect to see improved results in the back half of the year


We know we are in attractive marketplaces. You might have noticed that Columbus and Indianapolis that we've talked about for years in this thing are 2 of the markets that are Amazon client list. So there's people other than First Merchants executives that feel like

we know we're in attractive marketplaces you might have noticed that columbus and indianapolis that we've talked about for years in this thing are 2 of the markets that are amazon finalists so there's people other than first merchant's executives that feel like


The expansion of the Ascension agreement we announced last quarter is indicative of the need for an integrated physician acute offering. It was also a credible proof point of the capability we have developed as well as our intent to execute on our vision.

the expansion of the ascension agreement we announced last quarter is indicative of the need for an integrated physician acute offering it was also a credible proof point of the capability we have developed as well as our intent to execute on our vision


At the time of our original Cannon Park acquisition, Reading controlled over 80% of the lot entitlements in the Community Title Scheme via its ownership of 12 of the 13 lots.

at the time of our original cannon park acquisition reading controlled over 80% of the lot entitlement in the community title scheme via its ownership of 12 of the 13 lots


This past quarter, we announced availability of design kits for this process, which enables us to broaden our customer base in this new served market. We are seeing strong interest in this technology with multiple high-end, serious engagements

this past quarter we announced availability of design kits for this process which enables us to broaden our customer base in this new served market we are seeing strong interest in this technology with multiple high-end serious engagements


to summarize, we remain pleased by the overall margin performance of the businesses during the past 2 years, as key markets had continued to contract, along with strong potential presented by new product offerings already developed or in development within the group.

to summarize we remain pleased by the overall margin performance of the businesses during the past 2 years as key markets had continued to contract along with strong potential presented by new product offerings already developed or in development within the group


who are interested in wanting to take a look at Suyai possibly for an acquisition of Suyai. Interestingly, at least for me more interestingly, that level of interest is coming from Argentines and from

who are interested in wanting to take a look at suyai possibly for an acquisition of suyai interestingly -- at least for me more interestingly that level of interest is coming from argentines and from


Secondly, we have a number of businesses within the home improvement space where DuluxGroup can be a natural owner and generate growth by transferring our core marketing sales and supply chain capabilities in both our retail and trade channels.

secondly we have a number of businesses within the home improvement space where dulux group can be a natural owner and generate growth by transferring our core marketing sales and supply chain capabilities in both our retail and trade channels


We could not be more pleased than what we have seen within the Scores brand this past year, particularly in the back half. As most of you are aware, the Scores' turnaround has been more challenging.

we could not be more pleased than what we have seen within the scores brand this past year particularly in the back half as most of you are aware the scores turnaround has been more challenging


I would actually even add a little more color to that because it was a very strong quarter. It is in our third quarter we have our National Conference, which takes our top 15% of advisers away for a week and some extend mainly for 2 weeks.

i would actually even add a little more color to that because it was a very strong quarter is in our third quarter we have our national conference which takes our top 15% of advisors away for a week and some extend mainly for 2 weeks


Before I turn the call over to Tom, I'd like to take a few moments to outline our progress since we last talked in March when a decision was made to discontinue the ACT IV study based on the recommendation of the Data Safety and Monitoring Board.

before i turn the call over to tom i'd like to take a few moments to outline our progress since we last talked in march when the decision was made to discontinue the act-4 study based on the recommendation of the data safety and monitoring board


or rural Oklahoma are going to match New York City exactly. But I think we have room on the penetration side, and we are going to aim to get there with a balanced mix of rate and volume.

or rural oklahoma are going to match new york city exactly but i think we have room on the penetration side and we are going to aim to get there with a balanced mix of rate and volume


Whiskey is the most preferred spirit among high net worth individuals, and this trend is accelerating. There's been a boom in whiskey-led bars nationwide with more than 300 bars in China now.

whiskey is the most preferred spirit among high net worth individuals and this trend is accelerating there's been a boom in whiskey-led bars nationwide with more than 300 bars in china now


We have a number of open cases that are probably more than 3 years old, where people have just not come back to complete the transaction necessary to do the repairs.

we have a number of open cases that are probably more than 3 years old where people have just not come back to complete the transaction necessary to do the repairs


Good afternoon, ladies and gentlemen. My name is Anabuki of Corporate Administration Headquarters. Thank you for attending the financial results briefing of Yokogawa Electric Corporation today.

good afternoon ladies and gentlemen my name is anabuki of corporate administration headquarters thank you for attending the financial results briefing of yokogawa electric corporation today


we remain confident that we can continue to access longer-term global debt capital markets as and when we need to, to fund repayment of facilities that are coming due or ongoing growth in the business, as needed.

we remain confident that we can continue to access longer-term global debt capital markets as and when we need to to fund repayment of facilities that are coming due or ongoing growth in the business as needed


As I've said before, we're not a rigid company nor are we displacing an older device with a new incrementally better device. Novadaq was established based on a unique new idea

as i've said before we are not a widget company nor are we displacing an older device a new -- with a new incrementally better device novarak was established based on a unique new idea


Although the customer outage has affected our sales and margins this year, our strategy is unchanged. We are focused on delivering value to our customers in the most demanding FCC applications.

although the customer outage has affected our sales and margins this year our strategy is unchanged we are focused on delivering value to our customers in the most demanding fcc applications


This was primarily driven by unfavorable timing of certain tax-related items that we expect to normalize by Q2, partially offset by working capital improvements and a decline in cash paid for pensions and restructuring.

this was primarily driven by unfavorable timing of certain tax-related items that we expect to normalize by q2 partially offset by working capital improvements and a decline in cash paid for pensions and restructuring


that's maybe not really intelligent, and I'm also not so sure whether the margins are interesting for us and accretive. So I think that's actually not the areas we are at the moment looking into.

that's maybe not really intelligent and i am also not so sure whether the margins are interesting for us and accretive so i think that's actually not the areas we are at the moment looking into


We are gratified to be recognized as a trusted scientific partner by our clients and fully intend to continue to enhance our value proposition, both through internal initiative and strategic acquisitions.

we are gratified to be recognized as a trusted scientific partner by our clients and fully intend to continue to enhance our value proposition both through internal initiatives and strategic acquisitions


Sales for non-BioFlo products were just -- were not just impacted by Morpheus recall but started to reverse what had previously been positive momentum for the business. Moving into the second half of the year, regaining that momentum will be key to returning the franchise to growth.

sales for non-biopharma products were just -- were not just impacted by morphius recall but started to reverse what had previously been positive momentum for the business moving into the second half of the year regaining that momentum will be key to returning the franchise to growth


Parts washer revenues were flat despite a slightly lower number of actual services performed in the quarter, while waste oil collection volumes dropped more than 60 million gallons, up from a year ago.

pox washer revenues were flat despite a slightly lower number of actual services performed in the quarter while waste oil collection volumes topped more than 60 million gallons up from a year ago


And we have seen our competitors attempt this strategy, which has created pricing pressure in our contract discussions for next year. Frankly, I don't understand the logic of these actions in a flat to declining growth business, but yet here we are.

and we have seen our competitors attempt this strategy which has created pricing pressure in our contract discussions for next year frankly i don't understand the logic of these actions in a flat to declining growth business but yet here we are


Second, as our clients recruit talent, they must address the difficulties of sourcing, scheduling and tracking dozens of job candidates.

second as our clients recruit talent they must address the difficulties of sourcing scheduling and tracking dozens of job candidates


add to it as we get into the back half? It's not in the unbilled receivables. We have taken -- we have realized some revenues already. They were recognized in the fourth quarter. They were principally license revenues,

add to it as we get into the back half it's not in the unbilled receivables we have taken -- we have realized some revenues already they were recognized in the fourth quarter they were principally license revenues


adding more value to them. And that growth and that differentiator -- differentiation has further improved our financial results, a good set of underlying

adding more value to them and that growth and that differentiation has further improved our financial results a good set of underlying


let me start with a summary of what we think are the main messages today. It's an encouraging set of results, and certainly, we feel this builds on a lot of the progress we've had over the past couple of years. Our sales growth has been sustained, and importantly, that remains ahead of the market.

let me start with a summary of what we think are the main messages from today it's an encouraging set of results and certainly we feel this builds on a lot of progress we've had over the past couple of years our sales growth has been sustained and importantly that remains ahead of the market


And as a part of our own and assessment of when we can comfortably take carry, having a solid exit base, and therefore, having returned a reasonable, if not meaningful portion, of each one of the invested capital for those funds is critical.

and as part of our own assessment of when we can comfortably take carry having a solid exit base and therefore having returned a reasonable if not meaningful portion of each one of the invested capital for those funds is critical


if you could generalize with enterprises -- first of all, if I look at our incumbent base, they've had the product for a long time. They have their own experiences, plus or minus with it, but

if you could generalize with enterprises first of all if i look at our incumbent base they've had the product for a long time they have their own experiences plus or minus with it but


as much as I love Asia, I don't like the trips over there and -- but it was very, very fruitful. And we met -- I met with a key customer in China and a key customer in Japan, and I think

as much as i love asia i don't like the trips over there and -- but it was very very fruitful and we met -- i met with key customer in china and a key customer in japan and i think


We have been continuing to invest, as I mentioned, in things like more video sharing and people being able to form their own communities. We know how important that is. So you will continue to see an evolution

we have been continuing to invest as i mentioned in things like more video sharing and people being able to form their own communities we know how important that is so you will continue to see an evolution


terms of other initiatives, we're still working on our heavy oil initiative. We don't encourage anyone to buy the stock based on this, but we hope to have a test well in the ground by first quarter or first half of next year.

terms of other initiatives we're still working on our heavy oil initiative we don't encourage anyone to buy the stock based on this but we hope to have a test well in the ground by first quarter or first half of next year


as well as the Korean subsidiaries of other OEMs, which will be an incremental revenue driver for 2019. We have also the opportunity to expand our market share in Liquid Delivery Modules,

as well as the korean subsidiaries of other oems which will be an incremental revenue driver for 2019 we have also the opportunity to expand our market share in liquid delivery modules


It demonstrates the inherent seasonality we have previously discussed in our business. The fourth and first quarters are our seasonally weaker periods because of the reduction in driving and motor fuel consumption, with the first quarter generally being the weakest.

it demonstrates the inherent seasonality we have previously discussed in our business the fourth and first quarters are our seasonally weaker periods because of the reduction in driving and motor fuel consumption with the first quarter generally being the weakest


I mean part of that is the very basic business as well. It's -- part of it was in a very basic brown and black business. That's an annuity business that seemed to get hurt a little more than the rest of the athletic business in the second quarter.

and part of that is the very basic business as well it's all -- it's part of it was in a very basic brown and black business that's an annuity business that seemed to get hurt a little more than the rest of the athletic business in the second quarter


and it really is stable. And that's probably about as good as you can get for these patients, who would have been declining otherwise, stabilizing. And along with that, we showed in the naive patients, who have not been treated before

and it really is stable and that's probably about as good as you can get for these patients who would have been declining otherwise stabilizing and along with that we showed in the naive patients who had not been treated before


in large part because of the opportunity to attach content to their learning deals, which results in a much larger ASP and a much bigger opportunity for them, especially given the new commission rates.

in large part because of the opportunity to attach content to their learning deals which results in a much larger asp and a much bigger opportunity for them especially given the new commission rates


Comparing the third quarter 2017 to the same period in 2016, average loans grew 8%. Excluding the Healthcare loan book, which I will discuss in more detail in a moment,

comparing the third quarter 2017 to the same period in 2016 average loans grew 8% excluding the health care loan book which i will discuss in more detail in a moment


Hospitals are increasingly realizing the value of a partnership with Accretive as an independent party to help strengthen their internal operations and provide the necessary capacity to cover transactional services.

hospitals are increasingly realizing the value of a partnership with accretive as an independent party to help strengthen their internal operations and provide the necessary capacity to cover transactional services


get that expert advice, be able to look at all them colors and all them combinations, which you can't do online. So I think I actually see them in the opposite light. Anybody who is stimulating home

get that expert advice be able to look at all them colors and all them combinations which you can't do online so i think i actually see them in the opposite light anybody who is stimulating home


In conclusion, we still have some backfilling to do at some of our warehouse locations as a result of the inordinate amount of tenants that have vacated over the last 8 months, but are making positive inroads towards higher occupancies prior to year-end.

in conclusion we still have some backfilling to do with some of our warehouse locations as a result of the inordinate amount of tenants that have vacated over the last 8 months but are making positive inroads towards higher occupancies prior to year-end


Although we improved EBITDA performance in 2017 over the prior year, we had higher CapEx associated with our growth investments, and our sales growth had the impact of increasing working capital dollars even though it was at a lower rate than in prior years.

although we improved ebitda performance in 2017 over the prior year we had higher capex associated with our growth investments and our sales growth had the impact of increasing working capital dollars even though it was at a lower rate than in prior years


Also on today's call, the company may provide non-GAAP information regarding certain of its historical results and 2016 outlook to supplement the results provided in accordance with GAAP. This information should not be considered superior to or as a substitute for the comparable GAAP measures.

also in today's call the company may provide non-gaap information regarding certain of its historical results and 2016 outlook to supplement the results provided in accordance with gaap this information should not be considered superior to or as a substitute for the comparable gaap measures


that offer expansion in naturally growing markets, including Industrial Environmental, renewable waste-to-energy and other power generation or industrial equipment that serves a broad global market.

that offer expansion in naturally growing markets including industrial environmental renewable waste to energy and other power generation or industrial equipment that serves a broad global market


with growth led by hysterectomy. We continue to see an increasing proportion of U.S. gynecology procedures being performed by physicians that specialize in complex, benign and cancer surgery who tend to be users of da Vinci systems.

with growth led by hysterectomy we continue to see an increasing proportion of u s gynecology procedures being performed by physicians that specialize in complex benign and cancer surgery who tend to be users of da vinci systems


This is a metric that, at the end of the day, drives our revenue, so we are extremely pleased with the way this is tracking. We're also delighted with the feedback from our customers, that is, suppliers, and what they are getting from their end customers, that is, their buyers.

this is a metric that at the end of the day drives our revenue so we are extremely pleased with the way this is tracking we're also delighted with the feedback from our customers that is suppliers and what they're getting from their end customers that is their buyers


And we'll be happy to take questions from the phone or from those of you on the webcast. Just follow the instructions you've been given. And of course, we will as usual give preference to questions coming from those of you here in the room.

and we'll be happy to take questions from the phone or from those of you on the webcast just follow the instructions you've been given and of course we will as usual give preference to questions coming from those of you here in the room


Yes, Ben, so that would be, I think, 2 places we still have license largely will be CRM-driven. We do still sell a handful of new modules or user licenses back to the existing base

yes so that would be i think 2 places we still have license largely will be crm driven we do still sell a handful of new modules or user licenses back to the existing base


These events combined to negatively influence consumer shopping pattern and footfall. Additionally, we continued to feel the negative effect of the strengthening dollar on our international businesses.

these events combined to negatively influence consumer shopping pattern and footfall additionally we continued to feel the negative effect of the strengthening dollar on our international businesses


Accuracy is very critical for these customers, and the communications is important to make sure that our customers have reliable systems. So my view is that electric vehicles, we're going to continue to grow because they're

accuracy is very critical for these customers and the communications is important to make sure that our customers have reliable systems so my view is that electric vehicles we're going to continue to grow because they're


we'll have challenges with continuing our trend of improving operating expense leverage, and the optics of our future credit portfolio performance may be negatively impacted by the denominator effect caused by the decrease in new customer accounts.

we'll have challenges with continuing our trend of improving operating expense leverage and the optics of our future credit portfolio performance may be negatively impacted by the denominator effect caused by the decrease in new customer accounts


was flat. Was that sort of also a deliberate sort of semi-credit tightening view of things? Or are you guys -- how are you guys thinking about sort of the corporate outreach to try to sort of expand that number?

was flat was that sort of also a deliberate sort of semi-credit tightening view of things or are you guys -- how are you guys thinking about sort of the corporate outreach to try to sort of expand that number


Let me now turn it over to Brian to discuss our Q2 performance in more detail. Thanks, Irene, and good morning. Before I get into the quarter, let me provide more details on the malware incident and where we currently stand in our recovery.

let me now turn it over to brian to discuss our q2 performance in more detail thanks irene and good morning before i get into the quarter let me provide more details on the malware incident and where we currently stand in our recovery


that's why we have the confidence of the greater than the 25%. But it's really based on what the customers are telling us and our judgment of the reliability of the customer and their own markets and their position in their own markets.

that's why we have the confidence of the greater than the 25% but it's really based on what the customers are telling us and our judgment of the reliability of the customer and their own markets and their position in their own markets


So we've had, I think, a cordial discussion on the fact that a 5-year average is probably not a great way to look at this, that if you looked at it in the context of the first 3 years when we had a C code

so we've had a -- i think a cordial discussion on the fact that a 5-year average is probably not a great way to look at this but if you looked at it in the context of the first 3 years when we had a c-code


So there are 4 categories of transactions now that distributors can be compensated for by the company that they can get multilevel marketing compensation on. They're sales to people in the preferred customer category,

so there are 4 categories of transactions now that distributors can be compensated for by the company that they can get multi-level marketing compensation on their sales to people in the preferred customer category


But that obviously requires the government going through and seeing that. All that being said, the other things that we've done from a standpoint of input costs and tariffs and freight in particular, is we have pushed on price increases in our various businesses

but that obviously requires the government going through and seeing that all that being said the other things that we've done from a standpoint of input costs and tariffs and freight in particular is we have pushed on price increases in our various businesses


Looking forward, we expect our Orlando hotels to be relatively flat for the balance of the year with potential third quarter softness due to tougher comps being offset by a stronger fourth quarter.

looking forward we expect our orlando hotels to be relatively flat for the balance of the year with potential third quarter softness due to tougher comps being offset by a stronger fourth quarter


And my second question is more general that you mentioned about SEMM and SME. So I was wondering what is the difference between SEMM and as of SME, in terms of loan size, in terms of customer acquisition,

and my second question is more general that you mentioned about sam and sme so i was wondering what is the difference between sam and s of sme in terms of loan size in terms of customer acquisition


To support our comp sales growth, we will continue to improve our in-store experience, maximize our marketing testimonial campaign and capitalize on our merchandise localization initiatives.

to support our comp sales growth we will continue to improve our in-store experience maximize our marketing testimonial campaign and capitalize on our merchandise localization initiatives


Thanks Brian. In summary, we had another strong quarter of execution, delivering our fourth consecutive quarter of comparable store sales growth and are encouraged by positive top line trends we experienced in the second half of January.

thanks brian in summary we had another strong quarter of execution delivering our fourth consecutive quarter of comparable store sales growth and are encouraged by positive top line trends we experienced in the second half of january


the solutions that run the schools. That was through an acquisition a little over 4 years ago. This is equivalent in that it is the modules that run the operations of the churches, but we built it from scratch in SKY.

the solutions that run the schools that was through an acquisition a little over 4 years ago this is equivalent in that it is the modules that run the operations of the churches but we built it from scratch in sky


Most recently, we were selected to supply equipment and services for the Site C project in BC. This is a considerable win that includes 50 articulated trucks and 35 off-highway trucks scheduled for delivery beginning in the first half of this year.

most recently we were selected to supply equipment and services for the site c project in bc this is a considerable win that includes 50 articulated trucks and 35 off-highway trucks scheduled for delivery beginning in the first half of this year


Although, we have capacity in our gathering and intrabasin systems, the rapid production growth has substantially filled Permian long-haul pipelines sooner than expected and has created constraints in some of our Delaware Basin intrabasin pipelines.

although we have capacity in our gathering and intra-basin systems the rapid production growth has substantially filled permian long-haul pipelines sooner than expected and has created constraints in some of our delaware basin intra-basin pipelines


or forward-looking statements in the future. I will now turn the call over to Anat. Thank you, Elana, and welcome to Compugen. I would also like to welcome all the participants on today's call.

of all looking statements in the future i will now turn the call over to annat thank you ilana and welcome to compligen i would also like to welcome all the participants on today's call


And so there is pressure on that. But again, we look to try to preserve our pricing structures by not just competing on those parameters versus providing some other form of value, whether it's certainty of financing

and so there is pressure on that but again we look to try to preserve our pricing structures by not just competing on those parameters versus providing some other form of value whether it's certainty of financing


and even a 25 basis point increase in rates would be accretive. Third, our low cost of capital and diverse funding sources are key competitive advantages for TCPC. We remain well positioned with attractively priced leverage

and even a 25 basis point increase in rates would be accretive third our low cost of capital and diverse funding sources are key competitive advantages for tcpc we remain well positioned with attractively priced leverage


And so I think the thinking is well, if you're opening Freedom near Express, you may see some level of cannibalization. So how do you think about and balance that? And has there been any impact to Express absorptions because of nearby Freedom product?

and so i think the thinking is well if you're opening freedom near express you may see some level of cannibalization so how do you think about and balance that and has there been any impact to express absorptions because of nearby freedom product


As the weather improves and we have the opportunity to deliver to job sites, our sales performance will normalize. We remain confident on delivering a strong 2019. Next is the construction end markets.

as the weather improves and we have the opportunity to deliver to job sites our sales performance will normalize we remain confident on delivering a strong 2019 next is the construction end markets


we see a lot of product -- a lot of project activity. There's half a dozen major airport expansions and renovations occurring across the country. Multiple large sports and entertainment complexes or stadiums

and we see a lot of product -- a lot of project activity there's half a dozen major airport expansions and renovations occurring across the country multiple large sports and entertainment complexes or stadiums


The momentum previously was about incorporating natural colors into new products. So the real potential change here that we think could be rather profound is existing legacy brands converting to natural colors.

the momentum previously was about incorporating natural colors into new products so the real potential change here that we think could be rather profound is existing legacy brands converting to natural colors


The position that we've taken is, given where it is in the sort of technology development phase, the most sensible thing is to make sure that the storage has got access to as many markets as possible. And by doing that, it's more likely to drive costs down quicker.

the position that we've taken is given where it is in the sort of technology development phase the most sensible thing is to make sure that storage has got access to as many markets as possible and by doing that it's more likely to drive cost down quicker


Operating as One Company, supported by the strength of our own brands portfolio, loyalty program, reinvented credit card and enhanced digital capabilities, is critical to our long-term success and will remain our focus for the year coming up.

operating as one company supported by the strength of our own brands portfolio loyalty program reinvented credit card and enhanced digital capabilities is critical to our long-term success and will remain our focus for the year coming up


seen in many patients to date as you would expect from a more advanced clinical asset. And then, it also gave us this kind of accelerated opportunity in progressive supranuclear palsy as another very exciting indication for us.

seen in many patients to date as you would expect from a more advanced clinical asset and that it also gave us this kind of accelerated opportunity in progressive supranuclear palsy as another very exciting indication for us


Okay. And then the last question I had is, it's more of a clarification around something you mentioned several hours ago on the Hong Kong investor at the investor presentation that you did. You talked about

okay and then the last question i had is it's more of a clarification around something you mentioned several hours ago on the hong kong investor the investor presentation that you did you talked about


and will continue investing in key areas to drive long-term growth. We would expect the rate of investments to decelerate as the year progresses and be in a position to begin leveraging operating expenses late this year and into next year.

and we'll continue investing in key areas to drive long-term growth we would expect the rate of investments to decelerate as the year progresses and be in a position to begin leveraging operating expenses late this year and into next year


We've continued to take steps toward better sales force execution. We implemented new controls and processes to drive accountability and rigor within our sales management and reset expectations for profitability.

we've continued to take steps toward better sales force execution we implemented new controls and processes to drive accountability and rigor within our sales management and reset expectations for profitability


We have made and will continue to make significant investments in our businesses that perform toll processing work for the auto industry as this is highly profitable for us and we have no metal price risk.

we have made and will continue to make significant investments in our businesses that perform toll processing work for the auto industry as this is highly profitable for us and we have no metal price risk


biotech deals. And I think I ran into a couple that I didn't even know you had from a while ago recently. So maybe just broadly talk about that as a strategy, and how you think, kind of just data as an asset to you might evolve over time?

biotech deals and i think i ran into a couple that i didn't even know you had from a while ago recently so maybe just probably talk about that as a strategy and how you think kind of just data as an asset to you might evolve over time


But as we share with many of you and you can find that on our quarterly presentation, we are always introducing new features on our existing machines, either

but as we share with many of you and you can find that on our quarterly presentation we are always introducing new features on our existing machines either


previous question I just answered just kind of come to bear and has been for the last 12 to 18 months. So the pricing on acquisitions wasn't making sense, and then getting new product in markets where we didn't have existing product is

previous question i just answered has kind of come to bear and has been for the last 12 to 18 months so the pricing on acquisitions wasn't making sense and then getting new product in markets where we didn't have existing product is


remaining proceeds are expected to be used to fund acquisitions and project expansion and for working capital needs. The debt financing supports our goals of optimizing and expanding our capital structure. It also extends our loan maturity profile

the remaining proceeds are expected to be used to fund acquisitions and project expansion and for working capital needs the debt financing supports our goals of optimizing and expanding our capital structure it also extends our loan maturity profile


Thank you, Dave, and good afternoon, ladies and gentlemen. This is Rick Hill. I'd like to thank all of you for joining the call today. And I know it's been a very long time since the company has had an opportunity to communicate with you.

thank you dave good afternoon ladies and gentlemen this is rick hill i'd like to thank all of you for joining the call today and i know it's been a very long time since the company has had an opportunity to communicate with you


at business development and inorganic growth as an important critical part of our strategy going forward. As I sit here today, obviously, I haven't anything new to announce to you, but I just want you to know that we're actively pursuing value-creating

at business development and inorganic growth as an important critical part of our strategy going forward as i sit here today obviously i haven't anything new to announce to you but i just want you to know that we're actively pursuing value-creating


anecdotal feedback but that's anecdotal. And I don't want to start to make speculation about what the clinical data would look like, other than to say we're committed to collecting the data and continue to believe that this will have a positive impact on patient and customer experience.

anecdotal feedback but that's anecdotal and i don't want to start to make speculation about what the clinical data would look like other than to say we're committed to collecting the data and continue to believe that this will have a positive impact on patient and customer experience


those patients who may have relatively few options to address the challenging diseases that they're faced with. Clearly, there are certain areas that you can already see in our pipeline where we're likely to develop additional

those patients who may have relatively few options to address the challenging diseases that they're faced with clearly there are certain areas that you can already see in our pipeline where we're likely to develop additional


What's more challenging going ahead is your creative powers. You can be very talented. However, you've just simply sing a song with no accompaniment.

what's more challenging going ahead is your creative powers you can be very talented however you've just simply seen a song with no accompaniment


And that's tough to do when you've got players who have some cost investments and they're looking to try to reduce cost. We've proven, just like the on the upstream sector to be able to find ways to compete.

and that's tough to do when you've got players who have some cost investments and they're looking to try to reduce costs we've proven just like the -- on the upstream sector to be able to find ways to compete


And as I keep saying, it is impossible to predict how many tenders will come onto the market each year, but we expect to continue winning between 20 and 30 units in an average year well into the long term.

and as i keep saying it is impossible to predict how many tenders will come on to the market each year but we expect to continue winning between 20 and 30 units in an average year well into the long term


selling up the chain. So when we bought Comex, there's been some additional technology brought in. So there's a lot more premium products being sold. So the coverage of the premium products is better than

selling up the chain so when we bought comex there's been some additional technology brought in so there's a lot more premium products being sold so the coverage of the premium products is better than the


And my expectation is that pricing should improve as we go forward. And don't forget that we have a very dominant position in the market, and we will not compromise that dominance at any

and my expectation that pricing should improve as we go forward and don't forget that we have a very dominant position in the market and we will not compromise that dominance at any cost


Looking ahead to 2017, we have a number of exciting initiatives that we expect to further our top line growth over 2016. Most notably, we're implementing a small expansion of our sales force, which will allow us to have 2 dedicated teams,

looking ahead to 2017 we have a number of exciting initiatives that we expect to further our top line growth over 2016 most notably we're implementing a small expansion of our sales force which will allow us to have 2 dedicated teams


Work began in September and is expected to continue into 2019. In summary, I am confident that continued success on our divestment program, enhanced focus on operated developments,

work began in september and is expected to continue into 2019 in summary i am confident that continued success on our divestment program enhanced focus on operated development